Top up your super calculator
How much more could you contribute? Use our top up super calculator to find out how much more you could contribute to boost your super.
Did you know that you may be eligible for a 50% co-contribution from the Government?
If you earn less than $57,016 for the 2022-23 financial year, make after tax contributions and meet the criteria outlined, you may be eligible for contributions from the government.
If you earn less than $42,016, the Australian Government will chip in 50 cents towards your super for every $1 extra you contribute to your super with your after-tax dollars, up to a maximum of $500 a year. That’s a 50% return which could make a real difference to your retirement.
Co-contributions are paid on a reducing scale, cutting out at a salary of $57,016.
To receive the contribution you need to be able to answer yes to these eligibility questions;
Am I eligible?
- Will you be aged under 71 on 30 June 2022?
- Are you a permanent Australian resident and will be throughout the whole 2022-23 year? Note: exceptions may apply to New Zealand citizens or those who hold a prescribed visa.
- Will you earn less than $57,016 (this includes your assessable (gross) income, any reportable fringe benefits and salary sacrifice contributions) for 2022-23?
- Will you lodge a tax return with the ATO for the financial year?
- Does Prime Super have your Tax File Number (TFN) on record?
- Is your total superannuation balance less than $1.7 million at the end of 30 June of the previous financial year?
- Will you make voluntary personal (after-tax) contributions to your super account this financial year without claiming deductions?
- Will you earn 10% or more of your income from employment or running a business?
- Have you stayed under your after-tax contribution cap?
Did you know that you can ask your employer to pay part of your pre-tax salary into your super? Also known as salary sacrifice, this can be a tax effective way to grow your super if you earn more than $45,000 per year. The benefits include;
- Reducing your taxable income
- Paying lower tax rates on contributions (only 15% tax on contributions into your super account if your income is under $250,000, or 30% if your income is over $250,000)
For the 2022/23 financial year, you can contribute up to $27,500 per year before tax - but this also includes all contributions your employer pays such as the 10.5% super guarantee.
Know the limits
There are contribution caps on your before-tax (concessional) super contributions, which include the Super Guarantee contributions your employer makes on your behalf, as well as any salary sacrifice contributions you make to your super.
The concessional contributions limit is $27,500, regardless of age. If you exceed this limit, your excess contributions will be taxed at your marginal tax rate.
If you have a total super balance of less than $500,000, you may be able to carry forward any un-used concessional contributions on a five year basis.
For more details about contribution caps and types, please read our Member Guide.